June 14, 2010 / 2:37 PM / in 8 years

UPDATE 1-20-20 Technologies profit falls on exchange losses

* Q2 EPS $0.01 vs $0.03 yr-ago

* Revenue rises 13 pct

* Says cautiously optimistic on Europe concerns

June 14 (Reuters) - Canada’s 20-20 Technologies Inc TWT.TO, a provider of 3D interior designs, said quarterly profit more than halved, hurt mainly by exchange losses, and remained cautiously optimistic in view of the credit crisis in Europe.

For the second quarter ended April 30, net income fell to $273,000, or 1 cent per share, from $621,000, or 3 cents a share, a year ago.

The exchange-related losses amounted to $975,000, as results of the company’s units were hurt by European currencies, 20-20 Technologies said.

Revenue rose 13 percent to $17.2 million, helped by improving market conditions in the United States.

Home sector revenue rose 33 percent and accounted for about 62 percent of total revenue.

The office sector, however, remained soft, the company said. Revenue of the sector was down 11 percent.

Analysts on average were expecting earnings of 4 cents a share, on revenue of $16.7 million, according to Thomson Reuters I/B/E/S.

Shares of the Laval, Quebec-based company closed at C$3.25 Monday on the Toronto Stock Exchange. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Gopakumar Warrier)

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